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BlockPo / BlockPo-to-Tradelayer

Incubation Repo for the TradeLayer protocol, 0.2.0
http://www.tradelayer.org
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Color Coded Orderbook/Trade Channels #267

Closed patrickdugan closed 3 years ago

patrickdugan commented 4 years ago

To make the range of quotes from various Trade Channel dealers accessible visually in the manner that exchange traders are accustomed to, we will color-code and rank their liquidity based on trustworthiness/fidelity rank and volume. The higher fidelity orders will show up in blue font and the lower ones in orange. Normal on-chain orders are shown in black, so a user can "seamlessly" tell the wallet to spit out an on-chain trade tx, which the user could semi-securely sign via cut and paste with a QT wallet. It'd be actually seamless if the user has funded the hotkey generated address, but this is not recommended.

For these reasons on-chain liquidity is likely to be a non-starter, any algo trader must be fees to requote and keep funds in a hot key address, which is extra risky operationally. Whereas Trade Channels segregate custody from trading. The trade channels, once funded, can pass around collateral via transfer tx to new channels, so the cold storage hop can be a very periodical process, and trades here can truly be seamless because all the API handshakes can happen very quickly, and signed with the hotkey.

So the UX could be, see blue near the top of the book, click on it, see your order populated, submit, you're pre-signed, the dealer comes back with a confirmation.

What sucks is we can't ensure the dealer is fast, their rep is the incentive, they can theoritically choose to be very fast, or they can try to use the time to squeeze the free option value of that partial-signed tx. When they do co-sign, the user gets a trade confirmation. If they opt to reject the order, it would have been an adverse flow, they return with that, this is a more graceful way for a dealer to get option value out of the part-signed tx, without burning the user with a long wait. The UX tray addressed in the other ticket will visually flag long time delays and let uses know their exposure and blocks-until-expiration of their unsigned trades. These experiences are supposed to fade into being improbable and non-recurring based on the color coding/deprioritization of such dealers in both the orderbook UI and the Dealer management tray.

patrickdugan commented 3 years ago

Closing as this milestone is in another repo.

Also we decided to go in a different direction. Trade Channel markets have their own page and that's it.